Business Loan – These Illinois Colleges Have the Lowest and Highest Student Loan Debt-to-Income Ratios

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Business Loan – These Illinois Colleges Have the Lowest and Highest Student Loan Debt-to-Income Ratios. For college-bound students and their families who are keen on taking on scholar loan debt, gaining knowledge of your techniques can shrink the debt burden that often comes with a degree.

Before selecting a college, high school seniors and their families ought to fill out the Unfastened Application for Federal Student Assist (FAFSA), and apply to assorted colleges. The next step is to check financial assist gives from every school that accepts you.

Every school’s financial assist offer ought to make it clear how much a student’s first 12 months of college will cost. For such a lot students, it’s going to additionally exhibit how much they’ll ought to borrow. Yet the monetary support provide won’t inform students what they can anticipate to earn after graduation, or how much debt perhaps affordable to take on.

The burden that debt creates relies upon now not simply on how a lot you borrow, yet how a lot you earn after they graduate. To assist scholars and their families examine their options, Pulp has ranked seventy one Illinois four-year universities by way of analyzing current students’ debt-to-income (DTI) ratios. The lower the DTI ratio, the better.

Here are the charts and data you’ll discover below:

Main findings

School rankings (chart)

Lowest debt-to-income ratio

Highest debt-to-income ratio

Lowest median debt at graduation

Highest median debt at graduation

Highest median earnings 6 years after enrollment

Lowest median sales 6 years after enrollment

Highest percent of scholars repaying at least $1 in debt within three years of graduation

Lowest percent of scholars repaying at least $1 in debt within 3 years of graduation

Illinois map

Methodology

Main findings

When borrowing for college, an ancient rule of thumb isn’t to take on extra debt than your envisioned annual salary at graduation. So graduating with a scholar loan DTI above 1.0 might be problematic.

Some key takeaways from 71 faculties analyzed:

Average pupil mortgage DTI: 0.66

Percentage of colleges with below-average DTI: 44%

Number of colleges with a DTI of 1.0 or higher: 6

Another largely tracked metric is the percentage of scholars who are able to repay a minimum of $1 in mortgage principal within 3 years of leaving school. At schools with bigger DTIs, a smaller proportion of scholars may be able to pay off at least $1 in scholar mortgage debt inside 3 years of graduation.

Lowest debt-to-income ratio*

1. Moody Bible Institute: 0.2

2. Northwestern University: 0.25

3. Saint Francis Clinical Center University of Nursing: 0.29

4. Rush University: 0.30

5. Blessing Rieman University of Nursing and Well-being Sciences: 0.31

6. College of Chicago: 0.31

7. Lakeview College of Nursing: 0.32

8. Chamberlain University-Illinois: 0.33

9. Countrywide University of Health and wellbeing Sciences: 0.35

10. Resurrection University: 0.38

Highest debt-to-income ratio*

62. Lincoln Christian University: 0.93

63. Columbia University Chicago: 0.95

64. DeVry University-Illinois: 0.96

65. College of the Artwork Institute of Chicago: 0.99

66. Chicago State University 1.06

67. School of Phoenix-Illinois: 1.16

68. American InterContinental University: 1.22

69. Midstate College: 1.28

70. American Academy of Art: 1.29

71. East-West University: 1.38

Lowest median debt at graduation

1. Moody Bible Institute: $5,500

2. National School of Health and wellbeing Sciences: $10,938

3. Northwestern University: $15,000

4. Saint Francis Medical Middle College of Nursing: $15,000

5. Blessing Rieman College of Nursing and Overall healthiness Sciences: $15,000

6. Northeastern Illinois University: $15,000

7. School of Chicago: $17,000

8. University of Illinois at Chicago: $17,400

9. School of Illinois at Springfield: $18,532

10. Lakeview College of Nursing: $18,750

Highest median debt at graduation

62. Millikin University: $27,000

63. Illinois College: $27,000

64. Knox College: $27,000

65. American Academy of Art: $30,125

66. DeVry University-Illinois: $31,206

67. Chicago State University: $31,250

68. College of Phoenix-Illinois: $32,813

69. American InterContinental University: $33,677

70. Midstate College: $35,837

71. Methodist College: $36,314

Highest median income 6 years after enrollment

1. Chamberlain University-Illinois: $67,100

2. Resurrection University: $65,300

3. Rush University: $63,500

4. Northwestern University: $58,900

5. Lakeview School of Nursing: $58,800

6. Illinois Institute of Technology: $55,800

7. School of Chicago: $54,300

8. Saint Anthony College of Nursing: $54,100

9. Saint Francis Clinical Center University of Nursing: $51,900

10. Methodist College: $51,500

Lowest median income 6 years after enrollment

62. College of Phoenix-Illinois: $28,400

63. Blackburn College: $28,200

64. Midstate College: $27,900

65. American InterContinental University: $27,700

66. Moody Bible Institute: $27,000

67. Columbia School Chicago: $26,900

68. College of the Artwork Institute of Chicago: $26,200

69. Lincoln Christian University: $25,300

70. American Academy of Art: $23,300

71. East-West University: $18,700

Highest percentage of students repaying at least $1 in debt inside 3 years of graduation

1. Wheaton College: 91.7%

2. Northwestern University: 91.3%

3. Saint Anthony College of Nursing: 90.6%

4. Illinois Institute of Technology: 89.9%

5. College of Chicago: 89.6%

6. Illinois Wesleyan University: 88.5%

7. Trinity Christian College: 85.5%

8. Resurrection University: 85.3%

9. Bradley University: 84.8%

10. Lake Woodland College: 84.7%

Lowest percentage of students repaying a minimum of $1 in debt inside 3 years of graduation

62. DeVry University-Illinois: 55.4%

63. Governors State University: 51.9%

64. National Louis University: 50.0%

65. National College of Health and wellbeing Sciences: 47.5%

66. Robert Morris College Illinois: 47.3%

67. College of Phoenix-Illinois: 42.1%

68. Midstate College: 40.7%

69. American InterContinental University: 35.7%

70. Chicago State University: 34.3%

71. East-West University: 24.5%

*Methodology: This analysis is based on information accumulated by means of the Branch of Schooling and made available to the public by way of University Scorecard. To calculate DTI ratios for each school, Pulp divided median student mortgage debt at graduation by means of the median income of all scholars who have been working and not enrolled at college six years after starting college, adding those who did not earn a degree. Data on debt at commencement became amassed in 2017 and 2018. Sales information became collected in 2014 and 2015, and adjusted by the Department of Schooling to 2017 dollars to account for inflation. Data is for schools that predominantly provide bachelor’s degrees. Colleges that didn’t provide data essential to calculate debt-to-earnings ratio were excluded. Due to the fact sales also depend upon the box of study, scholars ought to additionally use School Scorecard to investigate debt and income by way of major.

About Pulp

Pulp is a multi-lender marketplace that empowers clients to find financial products that are the finest fit for their exclusive circumstances. Pulp’s integrations with leading creditors and credit bureaus enable clients to quickly examine accurate, custom-made loan concepts €• devoid of putting their confidential data in danger or affecting their credit score score. The Pulp market offers an unmatched purchaser experience, as contemplated by way of over 3,400 positive Trustpilot reviews and a TrustScore of 4.7/5.

 

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